| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.6% | 4.7% | 8.4% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 12 2025 | 2025 Q3 | AMD, EQIX, ICE, INTU, META, VMC | AI, Cloud, growth, healthcare, innovation |
ICE INTU VMC AMD EQIX |
Macquarie highlights AIs sustained impact on cloud spending and software margins while rotating into select healthcare innovators as defensive growth. Management expects broadening leadership beyond… |
| Jul 22 2025 | 2025 Q2 | AVGO, LLY, MC FP, UNH, WCN | earnings durability, growth, innovation, Pricing Power, scalability | - | The letter centers on large-cap growth driven by structural earnings expansion and innovation. Management argues that temporary macro headwinds have not impaired long-term growth trajectories… |
| Mar 31 2025 | 2025 Q1 | EA, ICE, IDXX, V | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
CloudCloud computing remains a core portfolio theme with strong positioning in hyperscale providers and infrastructure companies. Microsoft Azure showed 39% growth while Google Cloud exceeded 30% growth, both supported by AI workload adoption. The fund sees continued multi-year demand for cloud infrastructure and services as enterprises accelerate digital transformation. |
Azure Infrastructure Hyperscale Enterprise Growth | |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech | |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | ICE | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Data, Derivatives, Exchanges, Mortgage-tech, operating leverage, Pricing power, Volumes | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | INTU | Intuit Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Diy-tax, FCF, Margins, Mid-market, Software, switching costs | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | VMC | Vulcan Materials Company | Materials | Construction Materials | Bull | NYSE | aggregates, backlog, infrastructure, Margins, oligopoly, Pricing power, resilience | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | accelerators, AI, data center, inference, market share, Roadmap, Training | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | EQIX | Equinix, Inc. | Real Estate | Data Center REITs | Bear | NYSE | AFFO, CapEx, data centers, Interconnection, Pricing, Supply, Utilization | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| EQIX | Data center operator Equinix should benefit from the growing importance of sharing data across clouds, but the returns on a large capital spending project will delay revenue growth acceleration until 2027. We view the company as a later stage AI beneficiary, especially if all the current spending begins to produce a positive return on investment. |
| ICE | Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows. |
| INTU | ServiceNow (NOW) and Intuit (INTU) exemplify this dynamic, advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. Intuit is deploying intelligent agents and conversational tools like 'Ask Anything' to simplify complex financial tasks across QuickBooks and TurboTax. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| VMC | The Vulcan Materials and Philip Morrises of the world are fine examples of modestly profitable businesses that can turn out to be wonderful investments if those profits are protected for decades. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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